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Chapter 2: Q 538. (page 217)

Moira borrowed \(4,500from her grandfather to pay for her first year of college. Three years later, she repaid the \)4,500plus $243 interest. What was the rate of interest?

Short Answer

Expert verified

Rate of interest is1.08%

Step by step solution

01

Step 1. Given information

Moira borrowed $4,500 from her grandfather to pay for her first year of college. Three years later, she repaid the $4,500 plus $243 interest.

02

Step 2. Find rate of interest.

Let amount Pbe invested for a period of tyears such that rdenotes annual interest rate.

P=$4500

t=3years

Amount of interest =Prt100

role="math" localid="1645116966482" 243=4500脳r脳3100243004500脳3=r1.08%=r

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